Banking | - Part 16

How the finance sector can drive Africa’s economic growth

Johannesburg, South Africa (Capital Markets in Africa) — The rise of Africa’s financial services sector in recent years has been remarkable. From a relatively underexplored and underinvested sector a mere decade ago, today, this sector is considered to be one of the continent’s brightest prospects. This is due to the fact that financial sector development has been on the agenda of African policymakers for some time now as (aside from profitable opportunities for investors) continued…

Wealthy Africans boost need for niche financial services

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Johannesburg, South Africa (Capital Markets in Africa) :- UBS Group AG, the Swiss company that says it banks more billionaires than any other, said wealthy Africans are rapidly adding to the ranks of the rich on the continent and this rise has seen them needing more specialised financial services. Key markets on the continent for UBS include Nigeria and South Africa, plus an East African block covering Kenya, Tanzania and Uganda, Martin Emodi, the bank’s…

Sub-Saharan Africa banking sector has strong regional growth prospects

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London (Capital Markets in Africa):- Sub-Saharan Africa’s fast-expanding banking sector has strong potential to continue its recent growth trend, boosted by robust economies and widening financial inclusion, Moody’s Investors Service said in a report published today. The report, entitled “Banking – Credit Trends in Sub-Saharan Africa”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of this press release. The research is an update to the markets…

Moody’s assigns Counterparty Risk Assessments to five Egyptian banks

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Cairo, Egypt (Capital Markets in Africa):- Moody’s Investors Service has today assigned Counterparty Risk Assessments (CR Assessments) to five Egyptian banks. It has assigned CR Assessments of B3(cr) to the government-owned National Bank of Egypt SAE, Banque Du Caire SAE, and Banque Misr SAE; B2(cr) to Commercial International Bank (Egypt) SAE (CIB); and B1(cr) to Bank of Alexandria SAE (Alex Bank). Concurrently Not-Prime (cr) short-term CR Assessments have been assigned to all the banks. This…

Outlook stable on 74% of bank ratings says Fitch ratings

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London (Capital Markets in Africa):- Fitch Ratings indicated that it upgraded 10 banks globally in the first quarter of 2015, with 90% in emerging markets; while it downgraded 22 banks worldwide, with 64% in emerging economies. It indicated that there were 70 ‘negative’ outlooks on the ratings of emerging market banks in the first quarter of 2015, unchanged from the fourth quarter of 2014 and up from 57 in the third quarter and 59 in the second quarter of 2014. In…

Nigerian central bank orders lenders to get tough with bad debtors

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LAGOS (Reuters) – Nigeria’s central bank ordered banks on Friday to crack down on borrowers with non-performing loans (NPLs) in a move aimed at avoiding a repeat of a 2009 industry bailout that cost the government $4 billion. A sharp drop in the global price of oil, Nigeria’s main export, has triggered a currency crisis in Africa’s largest economy and strained government’s finances, while also harming the cash flow of some companies with foreign currency…

Nigeria’s Wema Bank raising $100 mln Tier II capital to grow loans

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria’s Wema Bank aims to complete a $100 million Tier II capital raising exercise by the second quarter of this year to fund its growing foreign currency loan portfolio, its chief financial officer said on Thursday. Tunde Mabawonku said the commercial lender also planned to start the process of raising fresh equity capital of between 30 billion naira ($151 million) to 40 billion naira, from strategic investors by the fourth quarter. Mabawonku…

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